Smart Contracts
Description
A smart contract defines a computer algorithm designed for the conclusion and maintenance of commercial contracts within blockchain technology.
Within the frames of the SWT platform, a smart contract is a special transaction containing Java byte code that implements the logic of the conclusion and maintenance of a contract.
This byte code contains a set of methods and variables that can change the internal values of a smart contract or its state as a result of its execution. The figure below displays the transaction structure of a smart contract.
Sender address;
Smart contract address;
Smart contract length;
Smart contract byte code;
Sender signature.
Smart contract execution refers to a deployment of methods entailing a change of smart contract state. Trusted Nodes of the round are responsible for smart contract execution. A smart contract is executed on all Trusted Nodes at the same time, after which the nodes make a group-decision whether to include new smart contract states in the blockchain.
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